Indian shares hit near 3-week high after strong earnings reports

BENGALURU, April 28 (Reuters) - Indian shares rose for a third straight session on Wednesday, touching their highest level in nearly three weeks, as finance and automaker stocks gained after strong quarterly results.

The NSE Nifty 50 index rose 0.55% to 14,734.35 by 0349 GMT, while the benchmark S&P BSE Sensex was up 0.59% at 49,234.4.

Shadow bank Bajaj Finance climbed as much 3.5% to its highest since April 8 following a jump in its March-quarter profit. Bajaj Finserv, which is set to report its quarterly results later in the day, rose 2.7%. nFWN2MK0SD]

Two-wheeler maker TVS Motor Company jumped 10% after beating profit estimates. Peers Hero MotoCorp and Bajaj Auto, both Nifty 50 components, rose 2.3% and 3%, respectively.

Meanwhile, S&P Global Ratings said the second COVID-19 wave in India poses downside risks to GDP and heightens the possibility of business disruptions, adding that the high number of infections presents a “significant contagion risk” to other geographies.

In other Asian markets, shares were mixed as investors stayed away from buying equities ahead of a closely-watched U.S. Federal Reserve meeting.

Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V